By midday Wednesday, shares of Ascot Resources dropped 21.6% to C$0.14 apiece, its lowest since 2008. Its market capitalization is estimated at approximately C$139 million.
Ascot had been aiming to restart gold production at Premier in the second quarter of 2025. The project already faced a major setback last year, having been placed on care and maintenance just five months after its first pour.
The delay means that the previous timeline for restart is no longer achievable, and the company is now projecting ore milling to begin in July 2025.
The project, located 25 km from the town of Stewart, is home to a former underground gold mine that opened in 1918 and included four deposits – Silver Coin, Big Missouri, Premier and Red Mountain.
While in operation, it was the largest gold mine in North America until its surface buildings burned down, leading to its closure in 1952. By then, the Premier mine had…
